IMF Mulls over Okaying FCL for Morocco

The International Monetary Fund (IMF) is studying the possibility of granting Morocco a Flexible Credit Line (FCL) with an amount of 3.726 Bln SDR (5Bln US$), the institution said on Monday in a press release.
The Moroccan authorities intend to have the two-year arrangement, under the FCL, as a precaution, said the release.
This credit line helps protect against external shocks by providing countries with very strong policy frameworks and track records of economic performance with large, upfront access to IMF resources with no ex post conditionality.
IMF Managing Director Kristalina Georgieva is intending to approve Morocco’s FCL request during the upcoming meeting by the IMF Executive Board, considering the Kingdom’s strong policy frameworks and track record.
“The IMF stands ready to continue to support Morocco face the risks from the highly uncertain global environment,” it said.